Retail banks to launch P2P fund transfer service

They will be using PayNow.

Seven retail banks in Singapore will not be using digital payments with the new peer-to-peer fund transfer service.

According to RHB News Bulletin, customers of participating banks - Citibank, DBS, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB - will be able to use a service known as PayNow, through which they can send and receive Sing-dollar funds starting July 10.

The service promises a seamless way to split the cheque or make home-tutor payments using mobile numbers, with the fund-transfer service potentially extended into commercial transactions as soon as a year's time.

The 24-hour service is for free.

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